Providence focuses on Barryroe well
Exploration group says it is 'actively engaged' in looking for partners for site
Providence’s Barryroe Well off the coast of Co. Cork, which may become Ireland’s first commercial oil well. Photograph: Finbarr O’Rourke
Tony O’Reilly, chief executive of Providence, said that the main focus of its activities in the first half of 2013 was the “ongoing post well work at Barryroe, the independent audit of resources and the launch of our industry wide Barryroe farm out campaign”.
Mr O’Reilly said that the exploration company is now “actively engaged” in a farm out process for its Barryroe site, which involves bringing in a suitably qualified partner to advance the project from development to first oil.
In addition, Providence is continuing with its preparatory work on the remaining four wells being planned as part of its multi-basin drilling programme. The next well to be drilled is the Cairn operated Spanish Point appraisal well, which is currently scheduled take place early in the second quarter of 2014.
“We remain committed to our programme of drilling, whilst also leveraging relevant industry farm in partners to take our asset portfolio through the development phase to production. The decision by us and our partners to elect to move from licensing options to exploration licences also further validates the emergence of the Irish Atlantic Margin as a highly prospective, world class oil and gas province,” he said.
The company also sees other prospects for future drilling, including Drombeg in the Porcupine Basin, Newgrange in the Goban Spur Basin and Pegasus in the St George’s Channel Basin.
Providence had net cash of €24 million at the end of the first half of its financial year.